Economic growth in Illinois is accelerating. This is according to the University of Illinois Flash Index, coming in at 106.5 this month, up from 106.3 a month ago, and near the pre-recession peak of 106.7 in 2007.
Numbers over 100 represent economic growth, so this is good news, says economist Fred Giertz, who compiles the index – but: “The same sort of caveat that we have almost every month is that this (growth) is still not enough to make major headway into the unemployment rate. The unemployment rate in Illinois is still above 9 percent,” he said.
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Giertz says he doesn’t know whether unemployment will go down if given more time, or if the structure of the economy now is such that unemployment will just be higher.
The Flash Index is a weighted average of Illinois growth rates in corporate earnings, consumer spending and personal income, adjusted for inflation.